The team was established in conjunction with Mazepin's new events company, The Ninety Nine Events, with Dan Hodder appointed as sporting director. 99 Racing have a base located in Silverstone) near Hitech Grand Prix’s base. For its first year of existence, the team raced under the British flag before switching to a Jordanian license for the 2023–24 Asian Le Mans Series. This change was linked to Jordanian former racing driver Sanad Shannak and his connections with Nikita Mazepin.
99 Racing made its competitive debut in the 2023 Asian Le Mans Series in the LMP2 class, fielding the No. 98 Oreca 07 in collaboration with Algarve Pro Racing and Hitech Grand Prix. While the team intended to use the number 99, it opted for No. 98 because Herberth Motorsport was already using the former. The initial driver lineup underwent several changes before the season began: Ben Barnicoat withdrew due to contractual obligations and was replaced by Neel Jani, while bronze-rated driver Félix Porteiro was replaced after being retroactively reclassified as silver. Warren Hughes was initially called up to replace Porteiro, but a documentation issue for Hughes resulted in Gonçalo Gomes eventually being drafted in.
In the opening round at Dubai, the team finished third in its debut race. Following the first two races of the season, Gomes was replaced by Ahmad Al Harthy. 99 Racing concluded its debut season at the Yas Marina Circuit, where the team secured pole position in both races and one podium in the final round.
The team returned for the 2023–24 Asian Le Mans Series, fielding the No. 99 Oreca 07 for Ahmad Al Harthy, Louis Delétraz, and Nikita Mazepin. For this campaign, 99 Racing partnered with TF Sport for car preparation while Hitech continued to provide technical support.
99 Racing achieved its maiden victory in the series during the first race at Sepang International Circuit. This was followed by a second-place finish in the second Sepang race and a second win at the 4 Hours of Dubai. Entering the final round at Abu Dhabi, the No. 99 held the championship lead with 68 points, 20 points ahead of the No. 4 Crowdstrike Racing by APR.
Prior to the final round of the 2023–24 season, Mazepin withdrew due to illness and was replaced by Filipe Albuquerque. Although the team took pole position for both races of the final weekend, the first race saw the No. 99 spun by Salih Yoluç in the No. 90 TF Sport entry. Al Harthy subsequently received a drive-through penalty for rejoining the track unsafely. Later in the race, during a safety car period, Al Harthy collided with GT points leader Alex Malykhin, resulting in a retirement for the No. 99 and allowing Crowdstrike Racing by APR to take the championship lead.
In the final race of the season, the No. 99 started on pole but immediately received a stop-and-go penalty for causing the collision in the previous race. The team spent the remainder of the event at the back of the pack and finished 11th. As a result, Crowdstrike Racing by APR secured the title, while 99 Racing finished third in the LMP2 teams championship.
In addition to its history in circuit racing, 99 Racing currently competes in the Russian Rally-Raid Championship.
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